December 2020

Residual Interest Gifts of Homes

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Can you donate the residual interest of a principal residence to charity?  Absolutely!  The question, however, is not can it be done, but should it be done.  In most cases, the answer is no – especially for the charity. Structuring Options Let me address the structuring options first.  It is possible to donate a home to charity with an intervening life (or term) interest.  This means one or more persons….

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Estate Planning, Philanthropy/Charitable Giving, Trusts, Uncategorized

A Change of Heart Does Not Create a Resulting Trust

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In the recent decision of Hertendy v. Gault, 2020 ONSC 7555, the Court considered a mother’s summary judgment motion to set aside the transfer of her property to her daughter for no consideration. Facts: On October 28, 2011, Marian Hertendy appointed her daughter, Beverly Ann Gault, as her attorney for property and personal care. That same year, Marian signed a Will transferring her property at 837 Poonamalie Road in Smiths….

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Uncategorized

Whose Fault is it Anyway?

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This weekend,  I put down the latest Brandon Sanderson book so that I could read  ‘A Perfect Storm: The COVID-19 Experience for Revera and the Long Term Care Sector’ which is a report completed by an independent expert advisory panel. I have blogged about the Crisis In Long Term Care  over the years and all of these pre Covid issues- really did create the perfect storm. The panel, which was….

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Elder Care

Alter Ego and Joint Partner Trusts – Loss Utilization

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Alter ego trusts (“AET”s)  and joint partner trusts (“JPT”s) have a deemed year end on the date of death of the last life interest beneficiary (the settlor for an AET and the last to die of the spouses for a JPT) resulting in the deemed disposition of certain property of the trust as at this date. The tax on the resulting capital gain is due on the trust’s balance due….

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Canada Revenue Agency, Tax Issues, Trusts

Sleigh Bells and Slayers … the “Slayer Law” in Canada, Naughty Executors and Beneficiaries

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This Blog was written by: Alicia Mossington (Godin), Estate and Trust Consultant, Scotia Wealth Management  To paraphrase a popular song this time of year: He’s making a list He’s checking it twice He’s going to find out whose naughty or nice …  Santa Claus is coming to town He knows when you’ve been bad or good, so be good for goodness sake. Episodes 60-62 of the Canadian True Crime Podcast[1]….

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Estate Administration, In the News, Uncategorized

U.S. Estate tax exposure – it’s political!

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The 2020 U.S. election is over and the votes have been tabulated, and in some counties the votes have even been tabulated more than once.   Unless there is some Republican wild card waiting to be plucked out of the proverbial magic hat, then Joe Biden will be inaugurated president of the United States on January 20, 2021, and with President Biden comes a proposed change in tax policy. The headline….

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Estate Planning, Real Estate, Tax Issues, U.S. Citizen, US Taxes
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